Eldeco's Solano Gardens villas and plots sold out in Lucknow, company says

Eldeco Housing and Industries said on its earnings call for the second quarter of FY27 that the villa and plot component at Eldeco Solano Gardens, on New Jail Road in Lucknow, has sold out. The remarks were reported on 10 November 2026. The company also put its Latitude 27 project on IIM Road at 80% sold.

Management gave sales figures for other projects too. Eldeco Hanging Gardens was at a similar level to Latitude 27, Skywalk on IIM Road was about 40% sold, and Trinity was close to 50% sold. For Trinity, the company said it is releasing units in a calibrated way and expects to finish sales over the next two to three quarters rather than put all remaining units on the market at once.

Solano Gardens: what is left

Solano Gardens was launched in January 2026 with its first phase of villas and plots. The company said 343 of the 433 units launched had been sold by March 2026, and that the launch phase brought in bookings of about ₹384.5 crore. Its ongoing-project figures show ₹432.4 crore of area allotted, ₹154 crore collected and ₹278.4 crore pending.

About 2.88 lakh square feet of inventory remains. Part of this area has received expressions of interest but has not been allotted. Management kept that preliminary interest separate from formal allotments. It said about half of the area could move to allotment in the next quarter, but gave no firm date or conversion rate.

Eldeco is also deciding how to use bulk land that was earmarked for vertical group housing at Solano Gardens. The options are to build vertically now, hold the land for a later phase, or convert it to horizontal housing. Management said it expects to decide within two to three quarters, and that vertical development there could be premature at this stage.

Pricing and demand in Lucknow

Eldeco's company-wide weighted average realisation was ₹7,840 per sq ft in Q2FY27, against ₹6,069 per sq ft a year earlier. The figure covers all projects. It is not a rate for any single Solano Gardens plot or villa. Management said it is passing on some higher costs and absorbing others in apartment projects, with price increases there being 'careful and calibrated'. It did not disclose the size of its recent price increases.

Management put Lucknow's demand sweet spot at ₹1 crore to ₹3 crore. It said homes below ₹1 crore are hard to build economically, and that sales tend to slow after about ₹2.5 crore to ₹3 crore. It described Lucknow as an undersupplied residential market and said it is not seeing a major slowdown in absorption.

Published prices for Solano Gardens differ by source. The developer's page lists a starting price of ₹1.38 crore onwards, while a listing site shows ₹1.55 crore to ₹2 crore. Buyers should check the current price directly with the developer.

The project is on New Jail Road, close to the Raebareli Road junction, which the developer lists at 4.4 km. Mohanlalganj railway station is 5.5 km away and the Purvanchal Expressway about 8 km. Metro is not immediate, so road travel remains the main mode. The Lucknow Development Authority is building a 1.8 km, four-lane road as part of phase three of its Green Corridor project, which will improve links to Sultanpur Road and Gomti Nagar Extension.

Quarter results and what investors will watch

For the quarter, Eldeco reported a consolidated net profit of ₹7.38 crore, against ₹2.63 crore a year earlier. Revenue rose to ₹51.84 crore from ₹33.05 crore. Booking value rose 7.8% to ₹94.9 crore even though the company launched no projects in the quarter. Area booked fell 16.6%, so the growth came from higher realisation rather than volume. For the first half, profit after tax was ₹22.5 crore, up 290%, and collections rose 51% to ₹256 crore.

• Whether about half of the 2.88 lakh sq ft at Solano Gardens converts into allotments in the next quarter.
• The vertical-or-horizontal decision on the Solano Gardens land, expected within two to three quarters.
• Latitude 27 revenue recognition, which the company said could fall by March 2027 or move to the next financial year.
• Launch timing for Shaheed Path, which the company said could come before March 2027 subject to approvals. Management warned that state elections could slow approvals.

In FY26, the company reported consolidated total income of ₹175.7 crore, profit after tax of ₹24.3 crore, and booking value of ₹743.9 crore, up 120.4%. Management's plan to at least triple the company's size over five to six years is an ambition tied to its business-development pipeline. It is not sales guidance. The statutory auditor's review report on the quarter was unmodified. Investors will next look at the allotment numbers and the decision on the Solano Gardens land.